Form 4: Core & Main Executive Mark Whittenburg Reports Stock and Options Grant

Mark Whittenburg, General Counsel and Secretary of Core & Main, Inc., reports the grant of restricted stock units and options, as well as adjustments to his holdings of Class A Common Stock.

Summary

• On March 7, 2024, Mark Whittenburg, General Counsel and Secretary of Core & Main, Inc., reported transactions involving the company's securities.
• Whittenburg was granted 2,421 restricted stock units (RSUs), each representing a contingent right to receive one share of Class A common stock.
• These RSUs vest in three equal annual installments starting March 7, 2025.
• He was also granted options to buy 18,999 shares of Class A Common Stock at an exercise price of $50.12.
• These options also vest in three equal annual installments starting March 7, 2025, and expire on March 7, 2034.
• Following these transactions, Whittenburg directly owns 12,933 shares of Class A Common Stock, and indirectly owns 60 shares through Core & Main Management Feeder, LLC.
• He also directly holds options for 18,999 shares.

Sentiment

Score: 7

Explanation: The document is a standard regulatory filing detailing executive compensation. It is neutral in tone and reflects expected corporate governance practices. The grant of equity can be seen as a positive sign of aligning management interests with shareholders.

Positives

• The grant of RSUs and options aligns Whittenburg's interests with those of the shareholders, incentivizing him to contribute to the company's long-term success.
• The vesting schedule encourages continued service and commitment to Core & Main.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedules of the RSUs and options.

Industry Context

This filing is a routine disclosure related to executive compensation and is typical for publicly traded companies. It provides transparency into the equity-based compensation of key executives.

Comparison to Industry Standards

• Equity grants are a common component of executive compensation packages in publicly traded companies, particularly for General Counsel and Secretaries.
• The vesting schedules (three equal annual installments) are standard practice to incentivize long-term commitment.
• The specific number of RSUs and options granted would be benchmarked against similar companies in the building materials distribution industry to assess competitiveness.

Stakeholder Impact

• Shareholders: Provides transparency into executive compensation.
• Employees: Demonstrates the company's commitment to incentivizing key personnel.
• Management: Aligns interests with shareholders through equity ownership.

Key Dates